Business, international

Vietnam outlines program for bank-sector reform; measures will be completed within the next two years, a top government official says

Article Abstract:

Vietnam's general secretary of the State Finance and Monetary Council Hoang Nghia Tu has explained in detail the government's reform plans for the banking industry as well as the date for the separation of policy loans. He stated that the government will not close any of the nation's banks and to complete the banking sector reform within two years unless no other alternatives are found. Tu also outlined government plans on policy lending and a deposit-insurance program.

Excerpts from interview in Hanoi with Vo Van Kiet

Article Abstract:

Vietnamese Prime Minister Vo Van Kiet believes that corruption and extravagance must be curbed to maintain the country's economic progress. National economic growth can only be sustained by promoting efficiency and achieving an economic-social-environmental balance. Stronger monitoring policies will help establish discipline and legal order, while strong links between economic restructuring and political reforms will generate needed political stability.

Vietnamese author Bao Ninh's book, "The Sorrow of War," inspired a writer to look for Bao Ninh in Saigon, Vietnam. The book tells how the war with the US badly affected a Vietnamese soldier, driving him to write night after night following the end of the war. Bao Ninh told the writer that writing the book helped him feel better, and that he now has a wife and a 16-year old son.